Former Lebanese President Amin Gemayel said on Friday that regional countries are facing several major challenges in their quest to maximize the exploitation of their resources. The first of these challenges is the decreased demand on oil because the United States transformed in 2018 from one of the largest importers of oil into a constant energy supplier, he told the two-day Middle East Energy and Geopolitics Forum held at the Future House in Bikfaya. He noted that Russia has also enhanced its oil and gas pipeline network to become one of the most important energy suppliers for Europe and China. The forum was attended by Egyptian Minister of Petroleum and Mineral Resources, Tarek Al-Mulla, former Lebanese Prime Minister Fouad Siniora and several prominent officials. According to Gemayel, another challenge is the great development of renewable energy, which could greatly affect the consumption of traditional energy and weaken the value of petroleum resources. “Security and stability could also negatively affect the future of energy production in the region,” he warned. He also addressed Egypt’s growing strategic importance amid its new discoveries and transformation into a regional energy hub, highlighting its current developed infrastructure in gas liquefaction and exportation. Winding up the forum, Mulla underscored the great role Egypt can play in promoting regional cooperation between countries, calling for dialogue “to achieve optimal exploitation of natural resources” and to respond to any future crisis. “Regional cooperation is among Egypts top priorities today and in the years to come,” stressed the minister.